The upcoming discussion will update you about the difference between total utility and marginal utility. Utility, in ordinary sense, means usefulness. But, in economics, it means want-satisfying power of a commodity or service — the power to satisfy a human want. Thus, a pen has utility to a teacher but not to an illiterate farmer. As Joan Robinson comment: "Utility [...]
This article will help you to learn about the difference between shift in demand curve and movement along the demand curve. Difference between Shift in Demand Curve and Movement along the Demand Curve Demand is the whole list of quantities that will be bought at various possible prices. Any movement of prices will lead to a different quantity demanded, but [...]
The slope of a line is a measure of its steepness. It is given by the increase in the vertical coordinates divided by the increase in the horizontal coordinates. It simply indicates how much the line rises per unit move to the right or how much it goes down as we move to the right. The former (an upward rising [...]